USVL.L vs. ACWI.L

Last updated Jul 16, 2026

USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD Acc) and ACWI.L (SPDR MSCI ACWI UCITS ETF) are both Global Equities funds from State Street - USVL.L tracks the State Street SPDR MSCI USA Value UCITS ETF USD Acc while ACWI.L tracks the MSCI ACWI Index. Both are passively managed. Over the past 10 years, USVL.L returned 12.08%/yr vs 12.62%/yr for ACWI.L. A 0.61 correlation means they provide meaningful diversification when combined. USVL.L charges 0.20%/yr vs 0.40%/yr for ACWI.L.

Performance

USVL.L vs. ACWI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR MSCI USA Value UCITS ETF USD Acc (USVL.L) and SPDR MSCI ACWI UCITS ETF (ACWI.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USVL.L is traded in USD, while ACWI.L is traded in GBP. To make them comparable, the ACWI.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, USVL.L achieves a 23.80% return, which is significantly higher than ACWI.L's 11.66% return. Both investments have delivered pretty close results over the past 10 years, with USVL.L having a 12.08% annualized return and ACWI.L not far ahead at 12.62%.

USVL.L

• 1D: -0.23%
• 1M: -3.95%
• 6M: 20.72%
• YTD: 23.80%
• 1Y: 48.22%
• 3Y*: 22.39%
• 5Y*: 12.09%
• 10Y*: 12.08%

ACWI.L

• 1D: 0.54%
• 1M: -0.10%
• 6M: 10.09%
• YTD: 11.66%
• 1Y: 24.38%
• 3Y*: 19.32%
• 5Y*: 11.36%
• 10Y*: 12.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USVL.L vs. ACWI.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USVL.L State Street SPDR MSCI USA Value UCITS ETF USD Acc	23.80%	28.52%	4.90%	15.93%	-15.04%	29.87%	1.93%	26.43%	-10.49%	16.19%
ACWI.L SPDR MSCI ACWI UCITS ETF	11.66%	22.95%	17.67%	21.68%	-18.36%	19.08%	15.36%	27.53%	-9.91%	23.52%

Correlation

The correlation between USVL.L and ACWI.L is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015	0.61

The correlation between USVL.L and ACWI.L shifts across timeframes, from 0.61 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

USVL.L vs. ACWI.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USVL.L

USVL.L Risk / Return Rank: 95
USVL.L Sharpe Ratio Rank: 96
USVL.L Sortino Ratio Rank: 96
USVL.L Omega Ratio Rank: 94
USVL.L Calmar Ratio Rank: 95
USVL.L Martin Ratio Rank: 93

ACWI.L

ACWI.L Risk / Return Rank: 81
ACWI.L Sharpe Ratio Rank: 82
ACWI.L Sortino Ratio Rank: 82
ACWI.L Omega Ratio Rank: 83
ACWI.L Calmar Ratio Rank: 78
ACWI.L Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USVL.L vs. ACWI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI USA Value UCITS ETF USD Acc (USVL.L) and SPDR MSCI ACWI UCITS ETF (ACWI.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	USVL.L	ACWI.L	Difference
Sharpe ratio: Return per unit of total volatility	3.27	1.96	+1.31
Sortino ratio: Return per unit of downside risk	4.67	2.87	+1.80
Omega ratio: Gain probability vs. loss probability	1.56	1.35	+0.21
Calmar ratio: Return relative to maximum drawdown	6.46	2.67	+3.79
Martin ratio: Return relative to average drawdown	19.45	11.09	+8.35

USVL.L vs. ACWI.L - Sharpe Ratio Comparison

The current USVL.L Sharpe Ratio is 3.27, which is higher than the ACWI.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of USVL.L and ACWI.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USVL.L vs. ACWI.L - Drawdown Comparison

The maximum USVL.L drawdown since its inception was -40.24%, which is greater than ACWI.L's maximum drawdown of -34.13%. Use the drawdown chart below to compare losses from any high point for USVL.L and ACWI.L.

Drawdown Indicators

	USVL.L	ACWI.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.24%	-34.13%	-6.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-9.09%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-19.12%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-25.55%	-26.90%	+1.35%
Max Drawdown (10Y) Largest decline over 10 years	-40.24%	-34.13%	-6.11%
Current Drawdown Current decline from peak	-5.75%	-0.63%	-5.12%
Average Drawdown Average peak-to-trough decline	-6.34%	-5.36%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.19%	+0.39%

Volatility

USVL.L vs. ACWI.L - Volatility Comparison

State Street SPDR MSCI USA Value UCITS ETF USD Acc (USVL.L) has a higher volatility of 4.22% compared to SPDR MSCI ACWI UCITS ETF (ACWI.L) at 3.34%. This indicates that USVL.L's price experiences larger fluctuations and is considered to be riskier than ACWI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVL.L	ACWI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	3.34%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	9.97%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	12.36%	+3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	20.57%	-3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	19.09%	-0.92%

USVL.L vs. ACWI.L - Expense Ratio Comparison

USVL.L has a 0.20% expense ratio, which is lower than ACWI.L's 0.40% expense ratio.

Dividends

USVL.L vs. ACWI.L - Dividend Comparison

Neither USVL.L nor ACWI.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USVL.L and ACWI.L in my portfolio?

USVL.L and ACWI.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USVL.L or ACWI.L?

On fees, USVL.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USVL.L or ACWI.L?

USVL.L is cheaper with a 0.20% expense ratio, compared with 0.40% for ACWI.L.

What is the main difference between USVL.L and ACWI.L?

USVL.L tracks State Street SPDR MSCI USA Value UCITS ETF USD Acc, while ACWI.L tracks MSCI ACWI Index. Their fees differ too: 0.20% for USVL.L and 0.40% for ACWI.L.